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3 years ago

The entry to adjust the accounts for salaries accrued at the end of the accounting period is select one:

Business

2 answers:

Paraphin [41]3 years ago

5 0

C. debit salaries payable; credit salaries expense

KonstantinChe [14]3 years ago

5 0

Answer:

d. debit salaries expense; credit salaries payable

Explanation:

Accrual in accounting means recognizing expense in the books of account in the period it is incurred instead of when cash is actually paid and recording or recognizing revenue in the period it is earned instead of the period cash is actually received.

In this case, accrued salary is a salary incurred in a period which will be paid in the future, It must be debited to expenses account so as to be matched against the revenue that it generates. This is consistent with both accrual and matching concepts in accounting.

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What is the informal economy? how many people in the world's economy work in "system d"? what are some of the advantages of the

Alexxx [7]

Answer:

Depending where you look for information, informal economy can cover a lot of different jobs and industries. The informal economy doesn't pay taxes and it is excluded in the gross domestic product. Some organizations include other industries under the informal economy, specially those that are not regulated or adequately controlled by the government. This includes many people who are self-employed or even employees that perform unprotected jobs. E.g. companies that hire poor or illegal immigrant workers and pay them on a daily basis.

According to the International Labor Organization, more than 61% of the world's population works under informal economies.

Some advantages of informal economies are:

higher income resulting from not paying taxes (even on a personal level, if you are able to work and earn a living but do not pay taxes, your personal net income will be higher than if you actually paid taxes).
a lot of people are part of it, that means large scale employment.

Informal economies tend to have serious disadvantages because the most powerful tend to abuse form the least powerful:

child labor or even forced labor
unprotected jobs, e.g. no social security, no health care benefits, no safety at work, etc.

Approximately 11-12% of the US economy is considered informal, and that represents almost $2.5 trillion per year. Some normal activities are included in the informal economy although we never think about them as being out of the system, e.g. babysitting, landscaping and cleaning services, etc. Other informal activities are more obvious, e.g. prostitution, drug dealing, theft, etc.

3 0

3 years ago

Assume that one unit is sold on April 27 for $300.

Natalija [7]

The determination of the gross profit for April and the ending Inventory on April 30 is as follows:

Gross Profit Ending Inventory

(a) First-in, First-out (FIFO) $200 ($300 - $100) $260 ($120 + $140)

(b) Last-in, First-out (LIFO) $160 ($300 - $140) $220 ($120 + $100)

<h3>What are the Cost Flow Methods?</h3>

The cost flow methods are FIFO, LIFO, Specific Identification, and Weighted-Average Cost methods of costing ending inventory and cost of goods sold based on assumptions.

<h3>Question Completion:</h3>

The following three identical units of Item P401C are purchased during April:

Cost information:

Item Units Cost

April 2 Purchase 1 $100

15 Purchase 1 120

20 Purchase 1 140

Total 3 $360

Average cost per unit = $120 ($360 ÷ 3)

Learn more about the cost flow methods at brainly.com/question/5976808

5 0

2 years ago

A property owner paid 840.00 in property taxes to the Jay county collector. What was the assessed value of the property if the t

kirill115 [55]

This question, in math terms, would mean $840 is equal to 1.36%. We need to find 100%.

Thus naming the variable "x" as the assessed value of the property,

$840 = \frac{1.36}{100} * x$

Solve for x.

$84000=1.36x$

x=<span>61764.7058824

Rounded to the nearest hundredth, the assessed value of the property is $61,764.71
</span>

7 0

4 years ago

Imagine you are a consultant who has been asked to summarize the strengths and weaknesses of Customaria, a nation with a pure tr

zavuch27 [327]

Answer:

There is little cooperation, relative to other economies.

The participants in the economy are slow to adopt new beneficial technologies due to previous customs.

Occupational choices can be restricted.

Explanation:

<em>Traditional economies</em> are old economy types that rely mainly on barter as a a mean of exchange. Their customs and tradition hinder changes related to technology, showing high resistance to change. Since economy is mainly based in the primary economy sector, occupational choices are usually limited for inhabitants.

There is the absence of international trade, as barter is the reigning exchange method done only inside the country.

7 0

3 years ago

Absolute Manipulation Manufacturing's (AMM) standards anticipate that there will be 4 pounds of raw material used for every uni

murzikaleks [220]

Answer:

Instructions are below.

Explanation:

Giving the following information:

Standard:

Quantity= 4 pounds per unit

Cost= $1.3 per pound

Actual:

Purchase= 18,700

Used= 3,500 + 18,700 - 1,900= 20,300

Cost= 16,830/18,700= $0.9 per pound

Units produced= 4,700 units

T<u>o calculate the direct material price and quantity variance, we need to use the following formulas:</u>

<u></u>

Direct material price variance= (standard price - actual price)*actual quantity

Direct material price variance= (1.3 - 0.9)*18,700

Direct material price variance= $7,480 favorable

Direct material quantity variance= (standard quantity - actual quantity)*standard price

Direct material quantity variance= (4*4,700 - 20,300)*1.3

Direct material quantity variance= $1,950 unfavorable

6 0

3 years ago